A new pension transfer specialist claims it will be able to produce suitability reports within 10 working days, or five working days through a “premium” service.
Pension Advice Specialists will charge £2,000 for the 10-day service and £3,000 for the premium offering.
All fees are fixed and non-contingent on the advice provided that might be to retain benefits within the scheme.
Pension Advice Specialists pension transfer advice head Craig Stokes says: “There is far more demand for DB transfer advice than supply and independent advice needs to be much more readily available for advisers and their clients. Clearly there are currently not enough people out there offering transfer advice in the right way.”
Last month pension transfer specialist O&M Pension Advice announced it will stop offering its pension transfer advisory service from 1 July.
That move followed Selectapension’s decision last year to continue providing TVAS reports for advisers, but not conduct any advice work itself.
Pension Advice Specialists considers advisers want independent advice on DB transfers following the recent closure or suspension of several transfer firms.
Royal London policy director Steve Webb says: “While clients will welcome a quick turnaround, the real delays in the advice process are almost always to do with getting accurate and complete information from schemes.”
Webb says: “With growing regulatory requirements, and the challenge in accessing professional indemnity cover, the focus is going to be on thoroughness rather than speed, though obviously if advisers can do both then it will be a bonus.”